Bosideng International Holdings Limited · HKEX:3998
Bosideng International — FY2024/25 Earnings Presentation
40 slides from Bosideng International's earnings presentation, Jun 27, 2025
Slide 1: 2024/25 Annual Results
2024/25 Annual Results June 27, 2025
Slide 2: Disclaimer
Disclaimer The information contained in this presentation is intended solely for your personal reference. Such information is subject to change without notice, its accuracy is not guaranteed and it may not contain all material information concerning Bosideng International Holdings Limited (the “Comp
Slide 3: Agenda
Agenda 01 02 Business 03 Future Financial Review Review Development 03 04 Plan 3
Slide 4: Financial Review
Financial Review
Slide 5: Financial Highlights
Financial Highlights For the year ended March 31 (RMB million) 2025 2024 Change Revenue 25,901.7 23,214.0 +11.6% Gross profit 14,839.9 13,833.5 +7.3% Profit from operations 4,966.9 4,397.6 +12.9% If excluding goodwill impairment from the ladieswear 5,137.9 4,467.6 +15.0% apparel business Profit attr
Slide 6: Financial Highlights (Cont')
Financial Highlights (Cont’) For the year ended March 31 2025 2024 Change Gross profit margin 57.3% 59.6% -2.3 ppt. Operating profit margin 19.2% 18.9% +0.3 ppt. Effective tax rate 31.0% 31.3% -0.3 ppt. Net profit margin* 13.6% 13.2% +0.4 ppt. Dividend pay-out ratio 84.1% 81.1% +3.0 ppt. * Net profi
Slide 7: Financial Highlights in FY2024/25
Financial Highlights in FY2024/25 Profit attributable (RMB million) Operating profit margin Revenue (RMB million) to equity holders 30,000 4,000 25% 25,901.7 3,513.9 25,000 3,500 23,214.0 3,074.1 3,000 20% +0.3% 19.2% 20,000 16,774.2 2,500 16.5% 16,213.6 2,138.6 2,062.3 15% 15,000 13,516.5 2,000 1,7
Slide 8: Revenue Breakdown
Revenue Breakdown RMB 23,214.0 million RMB 25,901.7 million (RMB million) 819.8 203.2 (RMB million) (3.5%) (0.9%) 651.1 209.0 3,373.4 (2.5%)(0.8%) 2,669.7 (11.5%) (13.0%) Revenue increased by +11.6% FY23/24 FY24/25 Branded down apparels OEM management 19,521.3 Ladieswear apparels Diversified apparel
Slide 9: Revenue Breakdown by Business
Revenue Breakdown by Business For the year ended March 31 (RMB million) 2025 2024 Change Branded down apparels 21,668.2 19,521.3 +11.0% OEM management 3,373.4 2,669.7 +26.4% Ladieswear apparels 651.1 819.8 -20.6% Diversified apparels 209.0 203.2 +2.8% Total 25,901.7 23,214.0 +11.6% 9
Slide 10: Revenue Breakdown – Branded Down Apparels Business
Revenue Breakdown – Branded Down Apparels Business For the year ended March 31 (RMB million) 2025 2024 Change % Change Bosideng 18,481.0 16,784.5 +1,696.5 +10.1% Snow Flying 2,205.5 2,018.9 +186.6 +9.2% Bengen 126.6 145.4 -18.8 -12.9% Other* 855.1 572.5 +282.6 +49.4% Total 21,668.2 19,521.3 +2,146.9
Slide 11: Revenue Breakdown – Ladieswear Apparels Business
Revenue Breakdown – Ladieswear Apparels Business For the year ended March 31 (RMB million) 2025 2024 Change % Change JESSIE 252.9 302.7 -49.8 -16.4% BUOU BUOU 147.1 198.1 -51.0 -25.7% KOREANO & KLOVA 251.1 319.0 -67.9 -21.3% Total 651.1 819.8 -168.7 -20.6% 11
Slide 12: Revenue Breakdown – Diversified Apparels Business
Revenue Breakdown – Diversified Apparels Business For the year ended March 31 (RMB million) 2025 2024 Change % Change Sameite school uniform 194.2 188.5 +5.7 +3.0% Others brands and 14.8 14.7 +0.1 +0.7% others* Total 209.0 203.2 +5.8 +2.8% * Represents menswear, etc. 12
Slide 13: Gross Margin
Gross Margin For the year ended March 31 Business 2025 2024 Change Branded down apparels 63.4% 65.0% -1.6 ppt. OEM management 19.1% 20.6% -1.5 ppt. Ladieswear apparels 63.2% 67.5% -4.3 ppt. Diversified apparels 21.7% 20.2% +1.5 ppt. The Group 57.3% 59.6% -2.3 ppt. 13
Slide 14: Gross Margin – Branded Down Apparels Business
Gross Margin – Branded Down Apparels Business For the year ended March 31 2025 2024 Change Bosideng 69.0% 69.6% -0.6 ppt. Snow Flying 42.8% 46.0% -3.2 ppt. Bengen 24.2% 39.2% -15.0 ppt. Branded Down Apparels 63.4% 65.0% -1.6 ppt. 14
Slide 15: Gross Margin – Ladieswear Apparels Business
Gross Margin – Ladieswear Apparels Business For the year ended March 31 2025 2024 Change JESSIE 58.7% 64.8% -6.1 ppt. BUOU BUOU 52.2% 59.9% -7.7 ppt. KOREANO & KLOVA 74.0% 74.9% -0.9 ppt. Ladieswear Apparels 63.2% 67.5% -4.3 ppt. 15
Slide 16: Operation Expenditure
Operation Expenditure (RMB million) Expense-to- Expense-to Distribution Expenses sales ratio -sales ratio 12,000 As a percentage of the 1.8pp. Group’s total revenue 10,176.1 • Mainly comprising advertising and promotion 10,000 9,563.0 1,652.30 6.4% expenses, depreciation charge of right-of-use 1,507
Slide 17: Inventories
Inventories As at As at (RMB million) Mar 31, 2025 Mar 31, 2024 Change Raw materials 1,438.3 921,7 +56.0% Work in progress 28.6 13,7 +108.7% Finished goods 2,483.7 2,262,1 +9.8% Total 3,950.6 3,197,5 +23.6% 17
Slide 18: Working Capital Management
Working Capital Management – Inventories Turnover Days, Trade and Bills Receivables and Payables Turnover Days For the year ended March 31 2025 2024 Change Average inventory turnover days(1) 118 115 +3 days Average trade and bills receivable turnover days (2) 19 19 stable Average trade and bills pay
Slide 19: Total Cash and Net Cash
Total Cash and Net Cash As at As at (RMB million) Mar 31, 2025 Mar 31, 2024 Cash and cash equivalents 4,184.8 6,227.0 Time deposits with maturity over 3 months 3,112.8 3,668.7 Pledged bank deposits 442.8 671.4 Other financial assets 6,214.4 3,963.0 Total cash 13,954.8 14,530.1 Minus: Bank borrowings
Slide 20: Total Cash and Net Cash (Cont')
Total Cash and Net Cash (Cont’) As at As at (RMB million) Mar 31, 2025 Mar 31, 2024 Net cash inflow/(outflow) from operating activities 3,981.8 7,338.8 Net cash inflow/(outflow) from investment activities (3,098.1) (2,426.5) Net cash inflow/(outflow) from financing activities (2,941.4) (2,379.6) Net
Slide 21: Business Review
Business Review
Slide 22: Branded Down Apparels Business
1. Branded Down 2. OEM Management 3. Ladieswear Apparels 4. Diversified Apparels Apparels Business Business Business Business Branded Down Apparels Business RMB 19,521.3 million RMB 21,668.2 million 126.6 855.1 (RMB million) (RMB million) (0.6%) (3.9%) 145.4 572.5 (0.8%) (2.9%) 2,205.5 2,018.9 (10.2
Slide 23: Branded Down Apparels Business
1. Branded Down 2. OEM Management 3. Ladieswear Apparels 4. Diversified Apparels Apparels Business Business Business Business Branded Down Apparels Business (RMB million) For the year ended 25,000 Percentage By Sales Category March 31 (RMB million) 4.0% 2025 2024 Change 20,000 2.9% 26.4% 23.6% Self-
Slide 24: Operation Management
1. Branded Down 2. OEM Management 3. Ladieswear Apparels 4. Diversified Apparels Apparels Business Business Business Business Operation Management Supply Chain Logistics and 01 Management 02 Delivery The ability of the Group’s supply chain to enable “delivery of high- Adopted a system to automatical
Slide 25: Operation Management (Cont')
1. Branded Down 2. OEM Management 3. Ladieswear Apparels 4. Diversified Apparels Apparels Business Business Business Business Operation Management (Cont’) Smart Design 03 Digital Operation Actively promotes an ‘AI + Design’ innovative model Creates the “BSD.AI Aesthetic Brain” Achieved remarkable re
Slide 26: Business Highlights in FY2024/25
1. Branded Down 2. OEM Management 3. Ladieswear Apparels 4. Diversified Apparels Apparels Business Business Business Business Business Highlights in FY2024/25 • Upholding brand leadership, forging our position as the world's Brand leading down apparel expert Product • Innovation drives category iter
Slide 27: Upholding brand leadership as world's leading down apparel expert
1. Branded Down 2. OEM Management 3. Ladieswear Apparels 4. Diversified Apparels Apparels Business Business Business Business 1. Upholding brand leadership, forging our position as the world’s leading down apparel expert Crowned with multiple international accolades, affirming its global top-tier br
Slide 28: Innovation drives category iteration and upgrades
1. Branded Down 2. OEM Management 3. Ladieswear Apparels 4. Diversified Apparels Apparels Business Business Business Business 2. Innovation drives category iteration and upgrades, ensuring sustained and robust revenue growth Outdoors Leisure Goose Down Windbreakers Collection Puff Collection Polar E
Slide 29: Innovation drives category iteration and upgrades (Cont')
1. Branded Down 2. OEM Management 3. Ladieswear Apparels 4. Diversified Apparels Apparels Business Business Business Business 2. Innovation drives category iteration and upgrades, ensuring sustained and robust revenue growth (Cont’) Business Fashion Sun-protective Classic Business Collection Trendy
Slide 30: Optimizing channel structure and quality
1. Branded Down 2. OEM Management 3. Ladieswear Apparels 4. Diversified Apparels Apparels Business Business Business Business 3. Optimizing channel structure and quality, while solidifying our tiered channel management system Further optimized its sales channel quality to increase their operational
Slide 31: Optimizing channel structure and quality (Cont')
1. Branded Down 2. OEM Management 3. Ladieswear Apparels 4. Diversified Apparels Apparels Business Business Business Business 3. Optimizing channel structure and quality, while solidifying our tiered channel management system (Cont’) Solidified refined operation capabilities Significantly enhanced t
Slide 32: Retail Network
1. Branded Down 2. OEM Management 3. Ladieswear Apparels 4. Diversified Apparels Apparels Business Business Business Business 3. Optimizing channel structure and quality, while solidifying our tiered channel management system (Cont’) Retail Network Total As at Mar 31, 2025 No. of No. of No. of No. o
Slide 33: Full-scale online platform activation
1. Branded Down 2. OEM Management 3. Ladieswear Apparels 4. Diversified Apparels Apparels Business Business Business Business 4. Full-scale online platform activation, reinforcing our top-tier standing across all channels Focusing on core product categories, integrating brand campaigns, (RMB million
Slide 34: OEM Management Business
1. Branded Down 2. OEM Management 3. Ladieswear Apparels 4. Diversified Apparels Apparels Business Business Business Business OEM Management Business (RMB million) Maintained a healthy and robust development momentum, the Group’s top five customers accounted for: 4,000 Revenue 90.4% 0.9pp. 3,500 • D
Slide 35: Ladieswear Apparels Business
1. Branded Down 2. OEM Management 3. Ladieswear Apparels 4. Diversified Apparels Apparels Business Business Business Business Ladieswear Apparels Business (RMB million) Revenue by Brand Revenue 1,000 651.1 million 20.6% 819.8 Revenue from 800 online sales 651.1 2.0% 319.0 38.9% 97.2 million 600 38.6
Slide 36: Ladieswear Apparels Business – Retail Network
1. Branded Down 2. OEM Management 3. Ladieswear Apparels 4. Diversified Apparels Apparels Business Business Business Business Ladieswear Apparels Business – Retail Network Total As at Mar 31, 2025 No. of No. of No. of No. of No. of Change Change Change Change Change stores stores stores stores store
Slide 37: Diversified Apparels Business
1. Branded Down 2. OEM Management 3. Ladieswear Apparels 4. Diversified Apparels Apparels Business Business Business Business Diversified Apparels Business • Brand building: strengthened brand (RMB million) Revenue from diversified recognition to enhance brand influence Revenue by Brand apparel busi
Slide 38: Future Development Plan
Future Development Plan
Slide 39: Future Development Plan
Future Development Plan Down Apparel Business OEM Management Business • Building on the strengthening of the core business of down apparel, the Group is focusing on the track of “fashion and • Continue to deepen existing good and stable functional apparel enhanced with technology” to ensure partners
Slide 40: BOSIDENG
il & BOSIDENG ERA A PRATE HMMA :
Bosideng International Holdings — FY2024/25 Earnings Presentation on 6ix